What is the legality of buying a home on an international border? Real Estate |
- What is the legality of buying a home on an international border?
- Acquaintance wants to buy my recently inherited family home, but her realtor is set on a 5% commission
- Just closed on my first home; 10% down, 2.625% 30-year fixed high-balance
- Just signed a 2.75% Conventional Refi from 3.625% FHA 8 Months After Purchase
- Coliform (fecal matter) in well water after being treated
- I feel like everyone forgets the psychological benefits of buying a home. Am I off on this one?
- My family is selling my dad's estate. Having a hard time with the mls term differences.
- My roommate/tenant's girlfriend is basically living here, but we don't have a lease. What is the best way to address this? (Virginia)
- Help me buy in the Bay Area
- First time buyer in SF South Bay Area
- Got married, buying a new home in Austin, TX: Should I sell existing home or rent it out for a bit?
- First time buyer in SF South Bay Area
- Selling property in 2020. Poor communication the new norm?
- Small things to look at when buying a house
- Who else is worried about all the unfair real estate acquisitions that are about to take place?
- Can/Should I refinance?
- Backing out before closing day
- If I own a condo or some other property in a complex (parking space also came to mind), what happens to ownership if the property needs to be demolished or rebuilt?
- Flooring recommendations
- How's the market in Southern California?
- Pros/cons of securing mortgage through the Credit Union that’s selling the property
- How much did it cost to furnish your house?
- SF/California: Can a HOA prohibit owners from renting their unit?
- Need Advice for Rental Strategy with Townhouse
- Need Advice for Rental Strategy with Townhouse
| What is the legality of buying a home on an international border? Posted: 30 Dec 2020 05:12 PM PST This is a hypothetical question as I'm nowhere near buying a home, but I check out Zillow from time to time to see if there's anything interesting. Last night I found a house located directly on the border of the US and Canada. The house is technically on US soil and the street is in the US (so you can't drive across the border without going through the little station down the road), but the parcel is halfway into Canada and the back door of the house opens into Canada. It's such an interesting listing, I was wondering what the legality of such a house would be. Would one need a passport or dual citizenship to live there? [link] [comments]  |
| Posted: 30 Dec 2020 11:57 AM PST My parents passed away this year, and I inherited my childhood home as a result. An acquaintance from the neighborhood said she was interested in buying it, and asked me to contact her realtor. The realtor sounds nice, but also like she's unfamiliar with these kinds of direct sales. When I inquired about whether she was open to negotiating on the commission, she went into a long spiel about why she doesn't do discounted work. Finally, after following up via email, she said she'd come down to 5%. With my rough estimate of what the house would sell for ($185K), that is over $9K. I should note that I've never purchased or sold a home. I just turned 30 and so most of my research prior to this year was about what purchasing a home would involve, including a homebuyer education course. That being said, I've done some Googling this year, and most articles recommended finding a realtor who would do a sale like this for less than the usual commission, since so much less is involved with this kind of sale. I'm not sure what my best next step is. The sentimental part of me likes the idea of selling the home to someone I know - this acquaintance is good people. But the shrewd side of me wonders if it makes sense to both (a) sell the house directly to someone when it's a seller's market in the area the home is and (b) pay such a large commission on top of that. tl;dr: Articles about selling a home to a friend suggest using a realtor at a greatly reduced rate, to reflect the significant difference in work when compared to a normal sale on the market. An acquaintance wants to purchase the home, but her realtor won't reduce her commission lower than 5%. UPDATE - Thanks so much, everyone. As I suspected, it seems like this realtor isnt on the up and up - at least when it comes to my interests. I'm going to reach out to my acquaintance again to ensure she's still interested and then explore the attorney and seller agent suggestions below. There's a lot on my plate right now with their estates, so I agree that having an expert on my side would be helpful. Her interest sped up the timeline I had in my mind for selling the home as well, so this was a good reminder that I should get an appraisal soon. [link] [comments]  |
| Just closed on my first home; 10% down, 2.625% 30-year fixed high-balance Posted: 30 Dec 2020 01:51 PM PST |
| Just signed a 2.75% Conventional Refi from 3.625% FHA 8 Months After Purchase Posted: 30 Dec 2020 08:19 PM PST Took hard pulls and pitted 3 lenders against each other with competing loan estimates. My existing servicer won the war tonight and I signed the application: 60 day 2.75% rate lock with $700 in credits. New loan balance is estimated to be around $189k after closing up from $184k No cash to close - only out of pocket expense is the $445 appraisal fee. Middle mortgage score of 747 in FL. I'm 24 years old. This was my first house I bought for $190k in April of this year with an FHA loan at 3.625% and 3.5% down. Original loan balance was about $186,500. I put a bunch of money into it and renovated the house completely after purchase so it should appraise well above what I paid. Only way I'd run into problems is if it comes in at under $200,000. My real estate agent buddy ran comps and thinks it's worth about $225k based on similar sales in my area from the last 3 months or so. Feeling very elated right now! My monthly payments are slated to drop from $1277/month to $1107/month BEFORE my 2021 homestead exemption kicks in. There's $44/month in PMI still, but it sure as heck beats the $128/month in PMI I was paying with the FHA loan. And that'll drop off in a few years anyways depending on what the appraisal comes out to. Real estate experts of Reddit, how'd I do? [link] [comments]  |
| Coliform (fecal matter) in well water after being treated Posted: 30 Dec 2020 06:31 AM PST So a little over a month ago when getting well sample from faucets, Arsenic and Coliform was discovered. They said no E. Coli. The well was shocked and tested for coliform, and it tested negative. A filtration system was added a few days ago and it tested positive for coliform again. The seller is installing another filtration system that is supposed to filter out coliform, but now I'm starting to get wet feet here. I've recently discovered that the owner never pumped their septic tank and would let it overflow. She it's natural for the environment. On top of it, when the septic tank was inspected, neither myself or realtor were let known the day it was happening. We just received the paper work saying it was good. I'm a first time home buyer. I was supposed to close today but I'm not signing anything until I get another sample back. I'm considering having a sample taken straight from the well. Any recommendations? I'm really not sure if I should just walk away. I really like the house/property but I don't want issues with my water. [link] [comments]  |
| I feel like everyone forgets the psychological benefits of buying a home. Am I off on this one? Posted: 31 Dec 2020 03:08 AM PST My mom is willing to sell her home to me a little under value, and I'm willing to buy it with a roommate paying me rent for 2-3 years. Everyone says not to do this, because I don't have enough money saved up for maintenance. Which, may be a fair point. However, after doing the math, it turns out I'll have a total of $1000/month extra after I buy the home, which I can stock up in a savings account. I'll also get the benefit of not living in an apartment complex near people that make me uncomfortable. [link] [comments]  |
| My family is selling my dad's estate. Having a hard time with the mls term differences. Posted: 31 Dec 2020 02:59 AM PST What's the difference in mls listing of "contract signed" and "under contract"? Thanks in advance. Massachussetts business estate sale if that helps. [link] [comments]  |
| Posted: 30 Dec 2020 07:53 PM PST My roommate/tenant is an old friend of mine but his girlfriend (also an old friend) is spending way too much time at my house. We have one bathroom, I like my privacy, and I signed up for only one roommate, not 1.8 roommates. My roommate and I have never signed a lease, despite him living here for 4 years. I understand that our arrangement defaults to a monthly lease, in Virginia at least. So I plan to ask him to sign a lease that clarifies the roommate/tenant agreement. Two related questions for y'all -
[link] [comments]  |
| Posted: 31 Dec 2020 12:38 AM PST I am looking to buy a home in the SF South Bay Area (San Jose, Sunnyvale, Santa Clara etc.). Work location is downtown San Jose, and I would like to limit my commute to a minimum. Currently renting an upscale apartment with a 15 minute drive to downtown San Jose during commute hours. I have long delayed buying a house as it did not make financial sense, having lived in regions all my life where rents were more affordable than the mortgages. At this time, while my reasons for buying a home are emotional (house v/s home), I would like to make a purchase that is financially, at least, reasonable. The historically low 30 year mortgage rates are also enticing. My primary requirements in about equal weights are:
Planning to stay at least 10 years before considering an upgrade. I don't have, nor plan to have, kids. Given the crazy market, I see this puts me in the $2M - $2.5M range. I am just not sure if I should get a SFH or TH or Condo. What should I consider? [link] [comments]  |
| First time buyer in SF South Bay Area Posted: 31 Dec 2020 12:06 AM PST I have long delayed buying a house as it did not make financial sense, having lived in regions all my life where rents were more affordable than the mortgages. At this time, while my reasons for buying a home are emotional (house v/s home), I would like to make a purchase that is financially, at least, reasonable. The historically low 30 year mortgage rates are also enticing. [link] [comments]  |
| Got married, buying a new home in Austin, TX: Should I sell existing home or rent it out for a bit? Posted: 30 Dec 2020 11:34 AM PST Hi, I bought a home in October of 2019 in the Highland/Crestview area of Austin, TX for $440,000. I put 10% down, so my mortgage and everything is about $2500ish a month. I wasn't expecting to get married this year, but it happened (otherwise I may not have bought a home in 2019). My wife is a medical worker making about $350k a year, and I'm a tech worker making about $270k a year. My home is only 1400 sqft, no garage or anything, and my wife wants more room for when family visits, a garage to store our cars, etc. I'm just looking for some general advice. My loan isn't bad; I managed to get 3.15% interest. I realize that if I rent my home out I will lose the homestead exemption, and the tax rate will go up quite a bit. My reluctance around selling is that seeing as I bought about a year and 3 months ago the 6% eats a lot of my profit. The area I'm in is booming pretty rapidly, and the house could probably rent for around $2400 a month (it was before I bought it, according to my realtor at the time). Does it make sense to attempt to rent my house for just enough to cover the mortgage for the next year or so and let another couple of years of appreciation kick in before selling? I ask because a lot of my neighborhood is seeing appreciation rates of 20% per year, and there aren't even any houses on the market in my actual neighborhood right now (except a new construction that's not even ready until Spring, and it's close to $750k in price). I'm kinda in a dilemma because I really love this piece of property. I have a nice corner-lot, and the house was really well built. I think I could probably sell it for $500k right now, but I'm feeling like I'd be kicking myself in the ass if I could have just rented it out for a year or two until the property tax increase didn't justify it anymore, then sell for $650k+. Thoughts from people with experience in this area? [link] [comments]  |
| First time buyer in SF South Bay Area Posted: 31 Dec 2020 12:00 AM PST I am looking to buy a home in the SF South Bay Area (San Jose, Sunnyvale, Santa Clara etc.). Work location is downtown San Jose, and I would like to limit my commute to a minimum. Currently renting an upscale apartment with a 15 minute drive to downtown San Jose during commute hours. I have long delayed buying a house as it did not make financial sense, having lived in regions all my life where rents were more affordable than the mortgages. At this time, while my reasons for buying a home are emotional (house v/s home), I would like to make a purchase that is financially, at least, reasonable. The historically low 30 year mortgage rates are also enticing. My primary requirements in about equal weights are:
Planning to stay at least 10 years before considering an upgrade. I don't have, nor plan to have, kids. Given the crazy market, I see this puts me in the $2M - $2.5M range. I am just not sure if I should get a SFH or TH or Condo. What should I consider? [link] [comments]  |
| Selling property in 2020. Poor communication the new norm? Posted: 30 Dec 2020 02:59 PM PST We have decided to sell one of our residential investment properties but have been dealing with an agent that has poor communication at best it seems. FYI I'm not one of the types that call or message my agent every 10 minutes. In fact I have probably only called him twice in one month and one of those was a return call. We had an above list offer on the property within days of it being listed, buyer changed their mind. No big deal, it happens. Communication I thought could have been better but who knows. We are selling slightly below market value for a quick sale. Again I think communication could be better. He has been automatically rejecting offers on our behalf, only found out because he mentioned it in a casual conversation once. Sure the offers may have been a little low but am surprised we weren't involved in the counter on at least some. Also lately he has been pressing the forward button on the buyers agent email to me with offers. No greeting, info, etc... So I have to sift through the email thread and/or attachments to see what the offer/amendment actually is. We received one offer over list, and I told our agent we'll take the deal. It's been 48 hours and no response from our agent. Not even an "acknowledged " So is this the new norm for agents in the COVID world today or do I just have a crappy one!!! [link] [comments]  |
| Small things to look at when buying a house Posted: 30 Dec 2020 12:24 PM PST So I've searched this subreddit to avoid a possible common question but can not find anything. What are some small things to look for when looking for a house? Obviously theres the big things like foundation, mold, leakage, wall damage etc. But I've seen few things about the small things that people regret not looking for and I want to make sure that I'm looking for those things. Examples that I've included in my list were things like storage space, natural lighting, walking space (wide hallways, bigger staircase), bad carpets, floor dips, opening all drawers, flushing toilet. Obviously I'm not going to find a place that has no small issues but what are some other things to check for. Even if they're personal preferences in a house that not everyone cares about. Sometimes I dont realize I care about something until I run into it so anything helps. This is our first home but we are planning on it being our forever so I want to make sure I'm hitting all our marks as there isnt going to be a "next time" (hopfully). Thanks for anything you can provide. [link] [comments]  |
| Who else is worried about all the unfair real estate acquisitions that are about to take place? Posted: 30 Dec 2020 11:28 PM PST I've noticed that many of the areas that have suffered from certain events that have happened in the country this year are drawing interest from Big Corporate. I saw this one financial advisor explaining how it looks planned to go in acquire properties for pennies on the dollar. Why do we let this stand? [link] [comments]  |
| Posted: 30 Dec 2020 11:09 PM PST Hi, Purchased a condo in June of this year. Purchase price $495k, $100k down. 30 year conventional @ 3%, 395k loan. Current loan balance $375k (paid quite a bit extra these last few months). Are interest rates low enough to warrant refinancing, considering new fee? I had looked back in like October and it didn't make sense then but it seems rates have come down a bit more since then. Anyone have similar refinancing needs? [link] [comments]  |
| Backing out before closing day Posted: 30 Dec 2020 07:19 PM PST My parents are in the process of getting a home but there have been some issues coming up with the company who builds the homes and also does the lending. The major one is that the down payment has changed. Mt parents signed for a down payment of 26k and now its 30k. Due to some other issues, is there any way of for them to back out without losing anything or how would it work? Thank you for your help! [link] [comments]  |
| Posted: 30 Dec 2020 07:00 PM PST Hi all, curious about the above because I've been looking at different condos and several of them that I am interested in are mostly older (like 1920 for one in Boston). I'm curious about the freak chance (I know it won't happen, more out of curiosity) that I 'roll a one' and buy a condo, but the building is demolished at some point in history. I know buildings get fixed and renovated for centuries, I'm thinking freak chance here. Is the property worthless/just worth what the land is worth because it will no longer exist? Is the construction company/HOA/other fees that a parking garage might charge you idfk required to pay me for what the room was worth before being demolished? Or might it be worth an equal amount of space in the new building? [link] [comments]  |
| Posted: 30 Dec 2020 09:28 PM PST Hello all, I painted my walls Leatherbound which is a mild light brown. I am wondering what others would do for flooring to match it. I'm debating between gray luxury vinyl plank, and dark or light brown hardwood. Please help is needed I'm at a crossroads with this. [link] [comments]  |
| How's the market in Southern California? Posted: 30 Dec 2020 09:13 PM PST I might be finishing up getting my license this year. And I was curious as to how the market was? Would it be worth continuing my classes and getting my license? Or should I abandoned ship and think of a different career path? Foresight and insider knowledge appreciated, lol. [link] [comments]  |
| Pros/cons of securing mortgage through the Credit Union that’s selling the property Posted: 30 Dec 2020 09:06 PM PST To make my offer on a REO more compelling, I'm considering offering to finance my mortgage with the Credit Union that holds the property. Would love perspective from anyone who has experience with this type of provision (e.g. is it common to offer this, will it be seen as a benefit to the Credit Union to make my offer stand out). Also worth noting the offer I'm writing is about 20 percent lower than list price, meaning they're going to take a loss if they do accept. However, given Credit Unions are not for profit, I hear taking a loss may not be a big deal? Property has been on the market for 3 months with no offers, hence the lowball. Thoughts appreciated! [link] [comments]  |
| How much did it cost to furnish your house? Posted: 30 Dec 2020 01:14 PM PST I'd like to save for furniture on top of my down payment before I feel like I'm ready to buy. I'll probably be buying all new stuff as I'm keeping my old apartment to rent out. What's a solid price range to expect for everything? [link] [comments]  |
| SF/California: Can a HOA prohibit owners from renting their unit? Posted: 30 Dec 2020 08:42 PM PST LOCATION: San Francisco, CA I did some light googling, and came across multiple pages that said while an HOA in California can put conditions on rentals, they can't prohibit it (per a 2012 change in CA law). In the meantime, I'm seeing various properties for sale that have outright prohibitions in their disclosures. Can I get a definitive answer? Thanks! [link] [comments]  |
| Need Advice for Rental Strategy with Townhouse Posted: 30 Dec 2020 08:30 PM PST Hi All, I'm finally planning to leave the apartment life behind and purchase a home. I want to get everyone's thoughts in regards to my current plan to purchase a townhouse and renting out the additional rooms. Properties I'm Looking At: Currently I'm targeting properties in the Dallas area in the $250K - $350K range that offer three bedrooms and three full size bathrooms. The logic behind this is I should be able to rent out rooms for more money if I can market that they come with a private bathroom. Also I'm looking at homes that have been built in the last five years. The logic is that I'm not smart enough to know what to look for in houses built in the 80s/90s and would prefer to get a newer one that is modern and won't have any weird quirk I didn't anticipate. An example of a property that fits the above criteria: https://www.zillow.com/homedetails/206-Emma-Dr-Lewisville-TX-75057/182382984_zpid/ Loans: I'm still a little unclear about why a conventional loan is so much better than a FHA. My financial situation is as follows:
Given the above information, I think most people would recommend a conventional loan. However, depending on how renting goes for me, I'm thinking I may want to get a second home in a year. If I do, I would need to get the FHA to allow me the liquidity to make the down payment on rental property #2. I see people talk a lot about mortgage insurance, but if I could potentially refinance the house down the road to get rid of it, this may not be an obstacle? Surrounding Area: How important is the surrounding area if my intention is to rent rooms out of the house and not to flip? The common thread for most of the properties that fit my above criteria is that the surrounding community isn't exactly the best. In other words, sometimes the house I'm looking at will be valued at $300K, but the house next to me would be valued at $220K, and in one tour I saw a guy with sagging pants come out of their house which gave me pause. So my overall question is what's more important, A+ interior of house but a C- surrounding community, or a C- interior of house and an A+ community? Type of Property (e.g., duplex, SFH, MFH, Townhouse): I know the common wisdom around these parts is to get a duplex, but in the Dallas market, there's literally like one duplex for sale in the whole city, plus I don't have access to the capital to get a duplex. From my research, I feel a townhouse is a good alternative because they give you the ability to partition a house more logically and wouldn't require as much yard upkeep. Am I missing something in not going for a house? The issues I see with houses is much more yard/backyard maintenance potential, bathrooms would have to be shared, typically older so more potential for random house issues. From what I gathered, if I were to offer a one bedroom with full private bathroom in the Lewisville Texas area, I should be able to get about $800/month for rent. According to Zillow, all my costs associated with the property should add up to $1500-$1600/month for rent. So in a perfect world, two renters covers the mortgage and a third would be $800+ positive monthly income. Please please please confirm if my above situation is laid out appropriately and I'm not overlooking something. Distance to Work: Interesting wrinkle due to COVID. As I hate commuting, one of my must-haves for the house was a 30~ minute commute. However, my job has converted to WFH, and I'll probably get at least two WFH days when we go back to the office (June 2021?). This being said, I could fairly easily get a job that is full-time WFH if it ever became an issue, so I'm a little more open to stretching the commute out a bit if anyone is familiar with the Dallas area and thinks there's a killer opportunity in a Frisco or a McKinney. Ongoing Maintenance of the Townhouse: I'm not a handyman, and don't have much interest in being deeply involved in managing the property. Obviously I'll have to be attentive to the renters, but part of the rationale for getting a recently built property without a yard is there shouldn't be as much stuff that malfunctions or requires my time, and if something does, theoretically it should be easy to call a contractor in to get the parts. I appreciate all feedback. **Quick sidebar -- I attempted to post in r/realestateinvesting but it kept saying my post didn't contain "get a job". I attempted for about ten minutes to figure out what I was doing wrong but couldn't. [link] [comments]  |
| Need Advice for Rental Strategy with Townhouse Posted: 30 Dec 2020 08:26 PM PST Hi All, I'm finally planning to leave the apartment life behind and purchase a home. I want to get everyone's thoughts in regards to my current plan to purchase a townhouse and renting out the additional rooms. Properties I'm Looking At: Currently I'm targeting properties in the Dallas area in the $250K - $350K range that offer three bedrooms and three full size bathrooms. The logic behind this is I should be able to rent out rooms for more money if I can market that they come with a private bathroom. Also I'm looking at homes that have been built in the last five years. The logic is that I'm not smart enough to know what to look for in houses built in the 80s/90s and would prefer to get a newer one that is modern and won't have any weird quirk I didn't anticipate. You can check Zillow for the Lewisville, Texas area if you would like an idea of the types of properties that fit this criteria. Loans: I'm still a little unclear about why a conventional loan is so much better than a FHA. My financial situation is as follows:
Given the above information, I think most people would recommend a conventional loan. However, depending on how renting goes for me, I'm thinking I may want to get a second home in a year. If I do, I would need to get the FHA to allow me the liquidity to make the down payment on rental property #2. I see people talk a lot about mortgage insurance, but if I could potentially refinance the house down the road to get rid of it, this may not be an obstacle? Surrounding Area: How important is the surrounding area if my intention is to rent rooms out of the house and not to flip? The common thread for most of the properties that fit my above criteria is that the surrounding community isn't exactly the best. In other words, sometimes the house I'm looking at will be valued at $300K, but the house next to me would be valued at $220K, and in one tour I saw a guy with sagging pants come out of their house which gave me pause. So my overall question is what's more important, A+ interior of house but a C- surrounding community, or a C- interior of house and an A+ community? Type of Property (e.g., duplex, SFH, MFH, Townhouse): I know the common wisdom around these parts is to get a duplex, but in the Dallas market, there's literally like one duplex for sale in the whole city, plus I don't have access to the capital to get a duplex. From my research, I feel a townhouse is a good alternative because they give you the ability to partition a house more logically and wouldn't require as much yard upkeep. Am I missing something in not going for a house? The issues I see with houses is much more yard/backyard maintenance potential, bathrooms would have to be shared, typically older so more potential for random house issues. From what I gathered, if I were to offer a one bedroom with full private bathroom in the Lewisville Texas area, I should be able to get about $800/month for rent. According to Zillow, all my costs associated with the property should add up to $1500-$1600/month for rent. So in a perfect world, two renters covers the mortgage and a third would be $800+ positive monthly income. Please please please confirm if my above situation is laid out appropriately and I'm not overlooking something. Distance Interesting wrinkle due to COVID. As I hate commuting, one of my must-haves for the house was a 30~ minute commute. However, my job has converted to WFH, and I'll probably get at least two WFH days when we go back to the office (June 2021?). This being said, I could fairly easily get a job that is full-time WFH if it ever became an issue, so I'm a little more open to stretching the commute out a bit if anyone is familiar with the Dallas area and thinks there's a killer opportunity in a Frisco or a McKinney. Ongoing Maintenance of the Townhouse I'm not a handyman, and don't have much interest in being deeply involved in managing the property. Obviously I'll have to be attentive to the renters, but part of the rationale for getting a recently built property without a yard is there shouldn't be as much stuff that malfunctions or requires my time, and if something does, theoretically it should be easy to call a contractor in to get the parts. I appreciate all feedback. [link] [comments]  |
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